¿Por qué Ethereum, no Bitcoin, podría ser el que se desempeñe mejor en 2026 en una recuperación cíclica

The debate between Bitcoin and Ethereum has long centered on their roles in the crypto ecosystem. While Bitcoin remains the dominant store of value, Ethereum's evolution as a programmable blockchain and its integration with institutional finance position it as a compelling outperformer in the 2026 cyclical recovery. This analysis, drawing on insights from analysts like Michaël van de Poppe, Mitchell DiRaimondo, and Nic Puckrin, argues that Ethereum's technical resilience, DeFi dominance, and leadership in real-world asset (RWA) tokenization will drive its outperformance, contrasting with Bitcoin's derivatives-driven volatility and corrective patterns.

Institutional Adoption: Bitcoin's Lead vs. Ethereum's Growth

Bitcoin's institutional adoption has accelerated in 2025, bolstered by the U.S. Strategic Bitcoin Reserve and the launch of Bitcoin ETFs. By mid-2025, U.S.-listed Bitcoin ETFs alone held $120 billion in assets under management, with BlackRock's IBIT leading the charge according to PowerDrill.ai. However, Ethereum's institutional adoption, while lagging, is gaining momentum. Ethereum ETFs saw a 177% growth in Q3 2025, and the network's shift to proof-of-stake has enhanced its appeal to sustainability-focused investors. Crucially, Ethereum's role in tokenizing real-world assets-such as U.S. Treasuries and private credit-is creating a bridge between traditional finance and blockchain, attracting institutions seeking yield and diversification.

Technical Resilience: Ethereum's Upgrades and DeFi Dominance

Ethereum's technical resilience is underpinned by continuous protocol upgrades and its dominance in decentralized finance (DeFi). The Pectra upgrade in mid-2025 improved scalability and efficiency, while the upcoming "Fusaka" upgrade, set for December 3, 2025, aims to further reduce transaction costs and enhance scalability. Vitalik Buterin's focus on innovations like single-slot finality and stateless clients underscores Ethereum's commitment to decentralization and censorship resistance. Meanwhile, Ethereum maintains 87% of decentralized trading volume, driven by robust Layer 2 solutions. This technical foundation positions Ethereum as a critical infrastructure layer for DeFi, which is increasingly seen as a utility-driven sector rather than a speculative niche.

Real-World Asset Tokenization: Bridging Traditional and DeFi

Ethereum's leadership in tokenizing real-world assets (RWAs) is a game-changer. By 2025, the RWA market surged 260% to $23 billion, with private credit and U.S. Treasuries accounting for 58% and 34% of the market, respectively. Protocols like Euler and platforms such as Centrifuge are enabling institutions to leverage tokenized assets for yield generation, while BlackRock's BUIDL tokenized Treasury fund grew from $649 million to $2.9 billion in 2025. This trend is supported by regulatory progress, including Europe's MiCA framework, which legitimizes tokenized bonds and securities. As RWAs transition from pilot projects to production-scale applications, Ethereum's role as a settlement layer will become indispensable.

Bitcoin's Volatility: Derivatives and Market Dynamics

Bitcoin's price action in 2025 has been marked by volatility driven by derivatives markets. Nic Puckrin highlighted the $10 billion options expiry event in late 2025, where a put/call ratio of 0.87 and concentrated positions near $100,000 signaled potential price turbulence. Mitchell DiRaimondo noted that while derivatives can stabilize spot markets, Bitcoin's exposure to macroeconomic headwinds-such as interest rate hikes and trade war pressures-has led to sharp corrections, including a 10% drop below $90,000 in November 2025. Van de Poppe's prediction of a dip below $92,000 before a 2026 rebound reflects the asset's cyclical nature but also underscores its susceptibility to short-term repricing.

Strategic Implications for 2026

Ethereum's consolidation phase-marked by technical upgrades, DeFi growth, and RWA adoption-positions it as a more stable and utility-driven asset compared to Bitcoin's speculative volatility. As institutions seek long-term exposure to blockchain-based infrastructure, Ethereum's role in tokenizing traditional assets and enabling decentralized finance will drive its outperformance. While Bitcoin remains a cornerstone of institutional portfolios, its derivatives-driven volatility and corrective patterns make it a riskier bet in a recovery cycle. Strategic ETH accumulation ahead of 2026 aligns with the trajectory of a maturing crypto ecosystem where utility and institutional adoption outweigh speculative cycles.